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Commitment to Quality Service Audit Approach Detail Audit Plan - (Continued) • Develop detailed audit programs to test compliance with laws and regulations . • Prepare detailed audit programs based upon the evaluation of internal controls . Phase III : Interim Testing Interim testing may include the following procedures : • Test internal controls by examining detailed transactions, using audit sampling techniques and substantive testing. • Assess the schedule of federal and state financial assistance and perform compliance testing. • Document the budgetary process and confirm compliance with applicable TRIM laws and regulations . • Obtain a listing of cash and investments for confirmation purposes . • Obtain data concerning outstanding contractual commitments for financial statement disclosure adequacy. • Prepare year-end audit programs which reflect interim findings . • Review work papers to ensure quality and thoroughness of work performed . • Meet with appropriate County personnel to discuss the status of the audit and preliminary findings . Phase IV: Year-end Procedures Year-end procedures may consist of the following : • Confirm cash, investments , and bonds payable . • Determine that assets are properly collateralized, classified, separated, restricted, valued, and/or safeguarded. • Review the cut-off of receivable and revenue balances and test that amounts recorded have been earned and billed. • Conduct an analytical review of account balances . • Review calculations for doubtful accounts, prepayments , and accruals . • Vouch capital expenditures and disposals and determine if assets are properly valued and capitalized. • Test inventories to ascertain that year-end observations have been performed and that the inventories are accurately valued and classified. • Test depreciation and bond covenant compliance . • Ascertain that debt service expenditures (principal and interest payable) are properly recorded, classified, and disclosed. • Test accounts payable cut-off. • Determine that the liability for closure and post-closure costs for the landfill has been calculated in accordance with the requirements of GASB Statement No . 18 . • Determine that all contingent and contractual liabilities are recorded and/or disclosed . • Ascertain that claims paid during the year are recorded correctly as to account, amount, and period and are disbursed in accordance with the County ' s policies and procedures for claims settlement. • Ascertain that insurance transactions are properly classified and described in the combined financial statements and that related disclosures are adequate . Review GASB Statement No . 10 disclosures related to risk management . 32